The price of gold is falling as part of the correction

Morning trading on Friday began with a decline in gold prices. By 8:43 am Moscow time, the troy ounce cost of the metal fell by 0.4%. It traded at $1,894.45. An ounce of silver rose to $23.91, or 0.13%. The day before, the price of gold rose above $1,900. It happened for the first time since June last year. Demand for the precious metal from investors grew amid a deteriorating geopolitical situation. In difficult times, gold is always used by investors as an asset to save money. The gold price’s fall at auction on Friday also furnishes to the strengthening of the US currency. The dollar index showed growth to the level of 95.85 points or 0.06% against its value at the close of trading on Thursday. An expensive dollar is a damaging element in the gold market since it becomes non-productive for investors who own another currency to purchase the precious metal.

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Arseny Kudrin

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